Launch NY’s Seed Fund has become a crucial source of seed capital for aspiring entrepreneurs in Buffalo since it debuted in 2016.
Those deals aren’t going to stop any time soon.
Buffalo-based Launch NY – which exists to serve startups from western to central New York – has received a new $3 million grant from the Ralph C. Wilson Jr. Foundation.
The Wilson Foundation has now contributed $10 million to Launch NY over the past eight years.
Roughly half of the grant will be used to replenish the seed fund, which has invested a total of $4.3 million thus far, and will now have about $2.5 million available to invest in future startups.
Launch NY will continue investing in 2-4 startups each month on average, but its average investment size will increase from about $35,000 now to about $75,000.
“The Wilson Foundation’s previous funding allowed us to build the most active seed fund in New York state,” Launch NY CEO Marnie LaVigne said.
Launch NY portfolio companies have gone on to raise $85.2 million in capital from private investors. Four of the recent 43North competition finalists – Top Seedz, Ognomy, BetterMynd and Verivend – received either mentoring or funding through Launch NY.
Launch NY’s financing programs also include a for-profit limited partner fund and Investor Network.
The other half of the grant will also support operations and staffing at Launch NY, which has a growing portfolio of companies dedicated to funding and supporting diversity in entrepreneurs. 43% of its portfolio companies are led by women and/or minorities.
